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Outline of Consolidated Results for the Fiscal Year Ended March 2011
May 11, 2011Investor Relation GroupE-mail: [email protected]: +81-3-4306-8201 Fax: +81-3-4306-8818
Inquiries to:
2
ContentsPages
◆ Consolidated Results for the Fiscal Year Ended March 2011 3-17
Highlights
Statement of Income, Balance Sheet, Statement of Cash Flows
Segment Information (by Division and by Geographical Area)
◆ Earnings Forecast and Dividend Forecast for the Fiscal Year Ending March 2012 18
◆ Supplementary Materials 19-24
3
Highlights
◆ Results: Increases in sales and income (First increase in 3 years for both net sales and ordinary income)・
Net sales: Increases in sales volume, mainly in Metals Division, Machinery & Electronics Division and Energy & Chemicals Division
・ Ordinary income: Increase in operating income
◆ Consolidated ROE improved 3.1 percentage points from March 31, 2010 ・ 8.0% as of March 31, 2011
◆ Increases in total assets and net assets (net worth)
◆ Dividend increaseFrom ¥16 per share annually (incl. ¥8 interim dividend) for fiscal year ended March 2010 to ¥28 per share annually (planned; incl. ¥12 interim dividend) for fiscal year ended March 2011
・ Net interest-bearing debt: Up ¥18.4 billion from ¥563.0 billion as of March 31, 2010 to ¥581.4 billion as of March 31, 2011
・Net DER: 1.0 times as of March 31, 2011, unchanged from March 31, 2010
4
Consolidated Results for the Fiscal Year Ended March 2011
+13%
5,743.65,102.2 104.2
85.2
55.547.1
67.3
27.3+53% +55%
+73%
(% denotes year-on-year change)(Billion yen)
Net sales Operating income Ordinary income Net income
March2010
results
March2011
results
March2010
results
March2011
results
March2010
results
March2011
results
March2010
results
March2011
results
5
(Billion yen)
1,362.5
Quarterly Changes in Net Sales and Operating Income
1,370.61,537.21,473.1
25.3 21.3 23.3 15.1
Net sales
Operating income
1st quarter 2nd quarter 3rd quarter 4th quarter
6
23.3
Operating income(Billion yen)
3rd quarter 4th quarter
[Excludingspecial factors]
25.0
Special Factors: Approx. ¥10.0 billion
Special Factors in 4th Quarter, Including Impact of Earthquake
Loss on lower-of-cost-or-market (LCM) method ca. ¥4.0 billion
Loss on provision fordoubtful receivables ca. ¥3.0 billion
Impact of earthquake ca. ¥3.0 billion
・Damage to products in inventory, etc.・Decrease in sales volume of raw materials, parts, etc. ・Decrease in exports and others
[Results]15.1
Earthquake
LCM
Other
7
Increase in Total Assets and Net Assets (Net Worth)
Increase in total assets: +¥161.7 billion
Increase in net assets: +¥17.1billion
Cash & cash equivalents: +¥82.0 billionTrade notes & accounts receivable: +¥11.8 billionInvestment securities & loans: +¥30.7 billion
[Increase in Net Worth: +¥10.4 billion]Retained earnings: +¥45.1 billionNet unrealized gains on available-for-sale securities, net of taxes: -¥ 6.3 billionForeign currency translation adjustments: -¥ 23.3 billion
[Other increases: +¥ 6.7 billion]Minority interests: +¥ 6.7 billion
March 31, 2011(Billion yen)
March 31, 2010
Assets
Net A
ssets
Current assets
1,672.9Current assets
1,554.3PPE & Intangible367.9
PPE & Intangible
348.3Investments & Other395.3
Investments & Other371.8
Total assets
2,436.2Total assets
2,274.5
Net assets
667.3(Net worth: 595.5)
Net assets
650.2(Net worth: 585.1)
8
(Billion yen)
Net cash provided by operating
activities
+79.8
Net cash used in investing activities
-74.0Free cash flow
+5.8Net cash provided by
financing activities
77.7
・ Proactive investment for business enhancements: ca. ¥78.0 billion
Capital investments: ca. ¥31.0 billionInvestment in companies: ca. ¥47.0 billion
・Automotive : Non-automotive: ca. 3:7
Cash Flows
Increase due tonet income
Increase in debt to provide for earthquake-related
capital demand
9
Net Sales and Operating Income by Division (Year-on-Year Comparison)
1,630.81,478.6
682.5
1,309.3
291.0 342.4
37.923.4
1.7
19.1
4.80.8
+61%
-5%+7%
+27% +16% +17%
+15%
+95%+38%
+104% -83%
Net sales
Operating incom
e
Metals Machinery & Electronics
Automotive Energy & Chemicals
Produce & Foodstuffs
Consumer Products, Services & Materials
(Billion yen)
March 2010 results
March 2011 results
*The above percentages include the impact of foreign exchange.
10
1,478.61,163.2
9.8
19.11,530.0 1,630.8
23.537.9
+61%
Net Sales and Operating Income by Division – Metals, Machinery & Electronics –
+14.4
+7%
+100.8
+27%
+315.4
+95%
+9.3
(Billion yen)
Machinery & Electronics DivisionMetals Division
Net sales Operating incomeNet sales Operating income
[Factors in net sales increase]・
Increase in machinery sales volume (ca. +¥54.0 billion; ca. -¥5.0 billion in Japan, ca. +¥59.0 billion overseas)
・ Increase in electronic parts sales volume (ca. +¥93.0 billion)
・ Increase in automotive parts sales volume (ca. +¥205.0 billion)
[Factors in operating income increase]・
Sales volume of machinery, electronic parts and automotive parts all increased with net sales growth
[Factors in net sales increase]・
Higher market prices (ca. +¥107.0 billion)
・ Increase due to car production (ca. +¥86.0 billion)
・ Increase in demand (ca. +¥55.0 billion)
・ Application of mark-to-market accounting for nonferrous metals (ca. -¥140.0 billion)
[Factors in operating income increase]・
Increase due mainly to higher market prices and increased car production
11
1,120.31,309.3
4.8
586.4 682.523.4
17.0
Net Sales and Operating Income by Division – Automotive, Energy & Chemicals –
2.3+96.1
+16% +38%
+6.4
+17%
+189.0+104%
+2.5
(Billion yen)
Energy & Chemicals DivisionAutomotive Division
Net sales Operating incomeNet sales Operating income
[Factors in net sales increase]・
Higher market prices of crude oil, etc., and increase in sales volume (ca. +¥110.0 billion)
・ Increases in sales volume of chemical products and synthetic resins (ca. +¥100.0 billion)
Of which automobile-related (ca. +¥35.0 billion)
[Factors in operating income increase]・
Increase due to higher sales of chemical products and synthetic resins
・ Increased profitability of Australian coal project
[Factors in net sales increase]・Increase in export volume of automobiles at parent company (ca. +¥67.0 billion)
・ Increase in sales at overseas automobile distributors (ca. +¥38.0 billion → Russia +¥23.0 billion; Australia +¥8.0 billion; Africa +¥2.5 billion; Europe +¥2.0 billion)
[Factors in operating income increase]・
Increase due to higher sales at parent company and overseas automobile distributors
See supplementarymaterials 4
12
306.9 291.0
Net Sales and Operating Income by Division – Produce & Foodstuffs,
Consumer Products, Services & Materials –
297.5 342.4
1.74.8
0.8-15.9
-4.0
-5%-83%
-2.9
+15%
+44.9
+4.6
(Billion yen)
Produce & Foodstuffs Division Consumer Products, Services & Materials Division
Net sales Operating income Net sales Operating income
[Factors in net sales decrease]・
Decrease in sales volume of feedstuff, etc. (ca. -¥16.0 billion)
[Factors in operating income decrease]・
Decrease due to lower net sales
[Factors in net sales increase]・
Increase in sales of textiles, etc. (ca. +¥44.0 billion)
Of which newly consolidated company(ca. +¥35.0 billion)
・ Increase in sales volume of car interior materials (ca. +¥4.0 billion)
[Factors in operating income increase]・
Increase due mainly to impact of application of lower-of-cost-or-market method for real estate in previous year
13
Net Sales and Operating Income by Geographical Area (Year-on-Year Comparison)3,629.4
425.0
143.6
20.4
34.3
13.4
7.3
-0 %264.4
1,281.0
9.7
+ 58 %
+ 9 % + 25 %+ 19 %
+ 6 %
+ 132 %+ 40 %
+ 41 % + 6 %
(Billion yen)
March 2010results
March 2011results
Net sales
Operating incom
e
Japan Asia & Oceania North America Europe Other areas
14
Net Sales and Operating Income by Geographical Area - Japan, Asia & Oceania -
3,317.5 3,629.4 20.4 1,026.51,281.0
8.824.4
34.3
+9%
+311.9
+132%
+11.6
+25%
+254.5
+40%
+9.9
(Billion yen)
Japan Asia & Oceania
Net sales Operating income Net sales Operating income
[Factors in net sales increase]・
Increase in sales volume of parent-company Energy & Chemicals Division, Machinery & Electronics Division and Automotive Division
[Factors in operating income increase]・
Increase due to higher net sales and impact of application of lower-of-cost-or-market method for real estate in previous year
[Factors in net sales increase]・
Increase in sales volume, mainly at subsidiaries in China and Thailand
[Factors in operating income increase]・
Increase due to higher net sales and increased profitability of Australian coal project
15
Net Sales and Operating Income by Geographical Area - North America, Europe -
357.5425.0 264.8 264.4
8.413.4
+5.0
7.35.1
+58%+19%
+67.5
+41%
+2.2
-0%
-0.4
(Billion yen)
North America Europe
Net sales Operating income Net sales Operating income
[Factors in net sales increase]・
Increase in sales volume at U.S. subsidiary in the Machinery & Electronics Division and Metals Division
[Factors in operating income increase]・
Increase due to increase in net sales
[Net sales essentially unchanged]
[Factors in operating income increase]・
Increase due to increase in sales volume at automobile distributors and dealers
16
Net Sales and Operating Income by Geographical Area - Other Areas -
[Factors in net sales increase]・Mainly due to increase in sales volume at automobile distributors in Africa
[Factors in operating income increase]・
Increase due to increase in net sales
135.7 143.69.2 9.7
+6%
+7.9+0.5
+6%
(Billion yen)Other areas
Net sales Operating income
17
55.5
85.2
Overview of Positive/Negative Factors Affecting Operating Income for the Fiscal Year Ended March 2011
Total:7.28 million
units
・Car Production Volume (Toyota Motor)
-1.0+0.8
+6.7
+10.2
+4.4
+11.5
+6.3 -3.0
Total:7.34 million
units
-2.5-3.7
(Billion yen)
Number of units
FY ended 3/10
FY ended 3/11
Change
Japan 3.20 million
3.00 million
- 0.20 million
Overseas 4.07 million
4.33 million
+ 0.26 million
Result
FY ended 3/10 Fiscal Year Ended March 2011
Negative factorsPositive factors
Result
Increase in car
production
Introduction of mark-to-market accounting for
nonferrous metals
Higher market prices
Increasein demand
Increase in car sales
Impact of application of lower-of-cost-or-market method (real estate, etc.)
Increase in depreciation
due to reclassification of real estate
Impact of earthquake
Production in Japan-200,000 units etc.
Overseas production+260,000 units etc.
Provision for
doubtful receivables Impact of
strong yen on currency exchange
18
Earnings Forecast and Dividend Forecast for Earnings Forecast and Dividend Forecast for the Fiscal Year Ending March 2012the Fiscal Year Ending March 2012
◆ Earnings Forecast ⇒ UndeterminedThe Toyota Tsusho Group has not yet formulated a consolidated earnings forecast because it is not yet able to reasonably estimate the impact on its operations of the Great East Japan Earthquake that occurred on March 11, 2011.
◆ Dividend Forecast ⇒ UndeterminedThe dividend forecast has not yet been formulated because the earnings forecast has not yet been formulated. Toyota Tsusho’s basic policy is to pay dividends linked to consolidated earnings, with a target consolidated payout ratio of 20%.
19
Supplementary Materials (Contents)
Pages
20・・・
<Supplementary Materials 1> Selling, General and Administrative Expenses21・・・
<Supplementary Materials 2> Non-operating Income and Expenses
22・・・
<Supplementary Materials 3> Net Sales, Gross Profit, Operating Income, Ordinary Incomeand Net Income by Division
23・・・
<Supplementary Materials 4> Number of Consolidated Subsidiaries24・・・
<Supplementary Materials 5> Situations of Companies with Losses and with Negative Net
Worth
20
前期比
内 訳 増減額 主 な 増 減 内 訳(増減率%)
9.1(7.7%)
1.4(5.1%)
3.7(358.6%)
5.9(7.7%)
20.3(9.0%)
新規会社+66億円
11/3期実績
10/3期実績
貸 倒 引 当 金繰 入 額
4.7 1.0
人 件 費
減 価 償 却 費( の れ ん 償 却 含 )
30.0 28.6
127.9 118.8
小 計
そ の 他 経 費支払手数料+21億円、旅費交通費+14億円他、諸経費の増加による
245.4 225.1
82.5 76.6
<Supplementary Materials 1> Selling, General & Administrative Expenses
(Billion yen)
+¥6.6 billion from new company
Breakdown
Personnel expenses
Other expenses
Subtotal
Mar. 2011results
Mar. 2010results
Major factors for increases/decreases
Due to a +2.1 bil. yen increase in charges and fees, a +1.4 bil. yen increase in traffic and traveling expenses, and an increase in miscellaneous expenses
Year-on-year changes (%)
Depreciation expenses (incl. amortizaion of goodwill)
Provision for doubtful receivables
21
<Supplementary Materials 2> Non-operating Income and Expenses
主 な 増 減 内 訳
受 取 利 息 2.8 3.0 -0.2
支 払 利 息 / CP 利 息 -13.8 -14.2 0.4
受 取 配 当 金 9.9 9.3 0.6
持分法に よる 投資 利益 13.6 7.3 6.3 主に機械エレクトロニクス本部の持分法適用会社の利益増加
そ の 他 6.3 6.2 0.1
小 計 18.9 11.7 7.2
11/3期実績
10/3期実績
前期比増減額
(Billion yen)
Increase in income, mainly from equity method affiliates in the Machinery & Electronics Division
Mar. 2011results
Mar. 2010results
Major factors for increases/decreases
Interest incomeInterest expenses/ interest
on CP
Dividend incomeEquity in the earnings of
unconsolidated subsidiaries and affiliates
Other income
Subtotal
Year-on-year changes
22
<Supplementary Materials 3> Net Sales, Gross Profit, Operating Income, Ordinary Income and Net Income by Division
Income taxes used to determine net income for each division are based on the effective consolidated tax rate for convenience.
11/3期実績
売上高売上
総利益
営業
利益
経常
利益
当期
純利益
金属 1,630.8 71.1 37.9 37.4 20.0
機械・エレクトロニクス 1,478.6 99.4 19.1 29.0 13.8
自動車 682.5 68.8 23.4 26.4 14.2
エネルギー・化学品 1,309.3 41.9 4.8 7.2 0.5
食料 291.0 15.5 0.8 1.8 -2.1
生活産業・資材 342.4 37.7 1.7 1.7 0.6
(Billion yen)
Metals
Automotive
Energy & Chemicals
Produce & Foodstuffs
Consumer Products, Services & Materials
Machinery & Electronics
Net sales Net income
March 2011 results
Grossprofit
Ordinary income
Operating income
23
うち赤字会社数
287 43 -2 382国 内 75 15 8 95海 外 212 28 -10 287
151 29 12 210国 内 19 5 0 33海 外 132 24 12 177
438 72 10 592
子 会 社
持分法適用
合 計
2011/3期
連 結 会 社 数前期末比増減
金融商品取引法上
の関係会社総数
<Supplementary Materials 4> Number of Consolidated Subsidiaries: 438 (up by 10 from March 2010)
*
**
* An increase of 26 due to new consolidation, and a decrease of 28 due to liquidation and disposal** An increase of 22 due to new application of equity method, and a decrease of 10 due to liquidation and disposal
◆ Subsidiaries and affiliates are determined based on effective-control and influence approaches.◆ Non-consolidated subsidiaries are mostly those within three years of foundation having little materiality.
No. of consolidated subsidiaries
Those with losses
Changes from March 2010
March 2011
Domestic
Domestic
Overseas
Overseas
Total
Equity method affiliates
Total no. of affiliated companies under Financial Instruments and Exchange
Law
Subsidiaries
24
<Supplementary Materials 5> Situations of Companies with Losses and with Negative Net Worth
With losses With profits
Mar. 2010 Mar. 2011 Mar. 2010 Mar. 2011
No. of companies 47 43 242 244
Equity in earnings/
losses (billion yen)
-7.5 - 3.8 43.4 59.2
With negative net worth
Mar. 2010 Mar. 2011
9 8
- 3.6 - 4.0